Barry Diller Reveals Layoffs, C-Suite Shake Up and Name Change for IAC
Barry Diller is stepping down as CEO of IAC, transitioning to executive chairman as the company rebrands to People Incorporated and undergoes a strategic shift. The company will focus on its People publishing business and its stake in MGM Resorts, accompanied by layoffs and executive changes. Neil Vogel will become CEO, and Tim Quinn will take over as CFO. The restructuring aims to reduce overhead and achieve $40 million in annual cost savings.
- ▪IAC is rebranding as People Incorporated to reflect its strategic focus on the People publishing business and MGM Resorts holdings.
- ▪Barry Diller will transition from CEO to executive chairman, remaining involved as an advisor and overseer of the MGM investment.
- ▪The restructuring includes staff reductions, with the company expecting to incur $14 million in severance costs and achieve $40 million in annual savings.
- ▪Neil Vogel will become CEO of the newly named People Incorporated, and Tim Quinn will become CFO.
- ▪IAC's publishing portfolio includes People, Food & Wine, Real Simple, Travel & Leisure, and The Daily Beast.
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Barry Diller Slaven Vlasic/Getty Images for Perelman Performing Arts Center Share on Facebook Share on X Google Preferred Share to Flipboard Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Send an Email Print the Article Post a Comment Barry Diller is shaking up his company IAC, rebranding the company as People Incorporated as it undergoes a significant shift in strategy. Diller will shift to a role as executive chairman in the move, with Neil Vogel set to become the company’s new CEO and Tim Quinn CFO. Diller outlined the changes in a note to IAC shareholders Tuesday, noting that going forward the holding company will focus on its MGM holdings and the People publishing business.
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